High olive oil prices hit Spain

Published 2023년 4월 26일

Tridge summary

Spain's failure to receive adequate rainfall has led to a significant decrease in the country's olive oil production, resulting in a surge in prices to record highs. The country's output has been cut in half, contributing to a 60% increase in prices since June 2022. The situation is worsened by Europe's ongoing dry spell, affecting other olive oil-producing countries like Italy. Despite these challenges, the global olive oil market is on a growth trajectory, expected to reach $15 billion by 2030 due to increasing demand for healthy food options and the popularity of Mediterranean cuisine. However, a predicted 18% decrease in global production for the 2022/2023 season, marking the lowest production in six years, could impact market dynamics.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Insufficient rainfall in Spain has halved the harvest in the world's largest olive oil producer, driving olive oil prices to historical record levels. Spanish farmers normally realize half of the global olive oil production, but according to the news in the Financial Times, the country's olive oil production has decreased by half to 780,000 tons in the last 12 months. Olive oil prices, on the other hand, have increased by about 60 percent since June 2022, to 5.4 Euros per kilogram, due to a dry period in Spain as well as Europe in general. MOST MANUFACTURERS' PRODUCTS ARE DROPPING IN EUROPE 2022 was the driest year in 222 years in Italy, another olive oil producer. Last year was Italy's driest year since 1800, according to data from Italian data analytics company Centro Studi Divulga. The International Olive Council predicts that the second largest producer will decrease the yield to 235 thousand tons, the lowest level since the 2018/2019 season. Production is also expected to ...

Source: Haber7